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Improved level of fairness reached for Momentum Short-term Insurance clients

Momentum  |  30 May 2017

Brand, Media release

Momentum Short-term Insurance has achieved an exceptional 4.29% overturned rate as reported in the 2016 Annual Report of the Ombudsman for Short-term Insurance (OSTI), exceeding the industry average rate of 27% which remains unchanged. This rate shows a percentage of claims submitted to the ombudsman, which are subsequently overturned in favour of a client.

The ombudsman mediates consumer complaints, with the objective of providing an independent and fair resolution to clients and insurers. The 2016 results show that out of every 1 000 personal insurance claims submitted to Momentum Short-term Insurance, OSTI received only 3.41 complaints.

Vickey Swanevelder, Head of Operations at Momentum Short-term Insurance, says: “One of the proverbial moments of truth for any client is at claim stage. This is where insurance companies showcase their promise made at inception of a policy. The pleasing results and significant improvement of our overturned rate validates our promise to conduct our business in line with the Treating Customers Fairly principles.”

The publication of the OSTI results provides a transparent view of claims received annually, from January through to December. During the 2016 period, the ombudsman received 14 916 complaints, which increased by 780 cases, when compared to 2015.

“Damages to assets and losses can be distressing. The effect can be worsened when a client is not in a strong financial position. It is therefore important to choose an insurer that puts the financial wellness of clients at the heart of its business,” continues Swanevelder.

“With the safety of our clients at the core of our business, we are constantly introducing innovations that enhance their overall financial wellness. Part of the value we bring our clients is through the Momentum Safety Score, an innovative tool designed to help measure a client’s personal, car and home environment safety status and suggests ways to improve it. With these innovations, we are determined to make the client’s life a lot easier,” concludes Swanevelder.

  • Please see the attached for more information on the Ombudsman annual report for 2016.

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